“As just a reminder, given the LOE headwinds over the next few years, we expect leverage to remain around the current levels or even slightly higher through the transition period.”

How to check this claim

Look at: Net debt / adjusted EBITDA leverage ratio (as reported by company)

It came true if: Leverage ratio stays within approximately current level to slightly higher (roughly current level up to ~10-15% above current level) at each fiscal year-end through 2028

Where: Company financial statements / earnings call disclosures (leverage ratio or net debt and EBITDA figures, 10-K/10-Q filings)

Verify independently

SEC filings for PFE ↗ · Claim quote is verbatim from the 2026Q1 earnings call.